Lyoner Str. 14
60528 Frankfurt am Main, de
Firstextile AG continues its growth in the first three months of 2013
- Growth in revenue of 29.3% and net profit of 12.7% compared to Q1 2012
- Earnings before interest and tax (EBIT) +15.1% year-on-year; strong EBIT margin of 20.2%
-Positive outlook for the full year 2013: excellent strategic market position and expansion plans on schedule
Firstextile AG (FT8) has today published its financial figures for the first three months of 2013, reporting a positive start into the current financial year. The company maintains the previous years' positive trend by increasing revenue and profit.
In the first three months of 2013, the company's total revenue amounted to EUR 47.7 million compared to EUR 36.9 million in the same period of 2012 (+29.3% yoy). The positive development in revenue is attributable to strong revenue increases in the Fabrics segment. The company's gross profit increased by 22.9% to EUR 14.2 million compared to EUR 11.6 million in the previous year's period, resulting in a strong gross profit margin of 29.8% (Q1 2012: 31.4%). Firstextile's earnings before interest and tax (EBIT) rose by 15.1% to EUR 9.6 million (Q1 2012: EUR 8.4 million), corresponding to an EBIT margin of 20.2% (Q1 2012: 22.7%). Net profit increased by 12.7% from EUR 6.8 million in the first three months of 2012 to EUR 7.6 million in the same period in 2013.
Fred Yang, founder and CEO of Firstextile, commented the results: "The positive business development reflected by our Q1 figures is an excellent start into the current financial year. Within the reporting period we were able to increase both our top line and bottom line. As a pre-approved supplier for government institutions and large state-owned enterprises together with our coherent strategy to increase our distribution network we are excellent positioned to successfully address future market demand." Richard Cao, CFO, adds: "Currently, further growth is only limited by our capacities which are already fully utilized. Therefore we are already building up a new production facility to meet the high demand on our products. Initial production activity of the new plant is expected to start in the last quarter of this year. Due to this, the continuing positive economic environment and the currently good performance in all three business segments we are very confident to reach our goals in 2013."
Firstextile's revenue in the Fabrics segment accumulated to EUR 31.4 million in the reporting period after EUR 19.2 million in Q1 2012 (+63.2% yoy). This growth is a result of an increase in both the average selling price and in the units sold. At 65.8% (Q1 2012: 52.2%), the largest share of total revenue is generated from this segment. Gross profit also increased significantly year-on-year, growing by 89.8% to EUR 9.4 million (Q1 2012: EUR 5.0 million).
Revenue in the Uniforms segment remained on a stable level compared to the previous year's period and amounted to EUR 12.7 million (Q1 2012: EUR 13.7 million). This slight decrease is due to the fact that revenue in the first quarter 2012 was extraordinarily high reflecting mainly one additional bulk order. Since revenue in the Uniforms segment generally depends on relatively few large orders a fluctuation in revenue quarter-on-quarter in this segment is not exceptional. On group level the Uniforms segment contributed 26.6% of total revenue compared to 37.2% in Q1 2012. Gross profit decreased by 46.5% to EUR 1.9 million (Q1 2012: EUR 3.6 million) as a result of large orders that were carrying much lower gross profit margins and were mainly received from customers in the private security sector since the last quarter of 2012.
In its third business unit the company sells shirts under the brands "Varpum" and "Firstextile" as well as other branded products like suits, jackets, pants, sweaters, t-shirts, shoes or other accessories. The segment that previously was referred to as the Shirts segment now is the Branded Products segment and comprises the same product range like in Q1 2012. Revenue in the Branded Products segment remained on a comparable level as in the first quarter 2012 and amounted to EUR 3.6 million compared to EUR 3.9 million in Q1 2012. Nonetheless it has to be noted that around half of the revenue in the previous year's first quarter was attributable to large orders of three new distributors engaged in late March 2012. Adjusted by this exceptional effect the revenue level in Q1 2013 reflects a sustainable improvement in this segment year-on-year. On a group level the Branded Products segment contributed 7.6% of the revenue in the first three months 2013 compared to 10.7% in the same period previous year. Gross profit remained stable at EUR 2.8 million in the reporting period, compared to EUR 3.0 million in Q1 2012.
As of today, the complete 2013 three-month report can be downloaded from the company's website at www.firstextile.de, within the "Investor Relations" area.
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